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An FHA loan is a federal assistance mortgage loan insured by the Federal Housing Administration. FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. The program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers.If you are considering home loan in California, it's best to consult San Diego Mortgage Group. We can get an idea of the best loan for your situation in just 5 minutes over the phone. 

The FHA does not underwrite or issue loans. Rather, they insure loans that are made by private lenders. The first step in obtaining an FHA loan is to contact San Diego Mortgage Group to learn about the best financing option to purchase a home in California. We can tell you honestly what your best options will be, and help turn them into reality.

We can assess your specific situation, and come up with a loan program that suits your specific home financing needs. The analysis of your debt to income ratio will provide insight into the type of home you can afford, based on monthly income and expenses. Other factors, e.g. payment history on other debts, are considered and used to make decisions regarding eligibility and terms for a loan.

Resources:

FHA - HUD Website - The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

Wikipedia -  History and other facts about FHA Loans.